Law Updates

CBO Announces The Discontinuing of the Use of Certain Bank Notes

The Central Bank of Oman (CBO) published in today’s Official Gazette an announcement for ending the use of denominations of certain banknotes.

The announcement affects various denominations issued between 1995 and 2019, including certain commemorative notes. This includes 1 Rial, ½ Rial, 200 Baisa, and 100 Baisa notes issued in November 1995; 50, 20, 10, and 5 Rial notes from November 2000; commemorative 1 Rial notes from 2005; commemorative 20 Rial notes from 2010; 50, 10, and 5 Rial notes from 2011 and 2012; commemorative 1 Rial notes from 2015; and 50 Rial notes from 2019.

Banknote holders have a 360-day window from the date of the publication of the announcement in the Official Gazette to exchange these notes at licensed banks. Once this period concludes, the specified banknotes will cease to be legal tender and will no longer be exchangeable.

This new announcement enters into force today. You can read it in full in English on the link below: